Frequently Asked Questions (FAQs)
Frequently Asked Questions
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Do I need to attend Orientation?
Yes!! If you are located outside of the Wasatch Front area or if you have circumstances that do not allow you to come to our office, there is an orientation that you can take online. We make a strong effort to build relationships with our borrowers and this is the first step in doing that.
Can I apply for more than one loan from the UMLF?
Yes!! However, your loans cannot exceed $50,000. You will need to meet with the Loan Officer to determine what is appropriate for your circumstance.
Once I have submitted my application, how long will it take before I know if I am approved for a loan?
It depends. Once you have submitted a full loan package, you will work with the Loan Officer to strengthen your application. You are then put on the next Credit Committee where there is availability. Generally, the process takes 4-6 weeks.
Can the UMLF Loan be used for personal needs such as the purchase of a car, or to refinance personal debt?
No, the UMLF Loan can only be used for opening and expanding small businesses. The loan can be used for the purchase of inventory, operational expenses, renovations, etc.
If I have had a recent Bankruptcy can I still apply for a UMLF loan?
Yes, we consider many different aspects of the loan application and borrower when making decisions about a loan.
What if I owe back taxes or child support or have delinquent student loans?
Generally, you will need to have a payment plan in place. You are welcome to meet with a member of the UMLF Staff that can review and advise you on what options are available.
Who decides if my loan request will be approved?
For Traditional Microloans and SBA Loans the decision is made by the UMLF Credit Committee, comprised of volunteer bankers, small business owners, and community representatives, along with the UMLF staff.
What steps do I need to complete to close my loan once it’s been approved?
After receiving notification that your loan has been approved, you will need to provide the following:
- Proof of Business Insurance listing the UMLF as “Loss Payee.”
- Your personal guarantee, and the guarantee of any other key owners if there are any.
- Legal and Vesting Information on your primary residence, if offered as collateral.
- Documentation for any other type of collateral that was pledged for your loan.
If my loan is not approved, can I reapply?
Yes, generally an applicant can reapply in 6 months if their loan is not approved.
Are there Pre-Payment Penalties if I should decide to pay my UMLF loan sooner?
No, the UMLF does not charge a pre-payment penalty.
Does the UMLF charge an Origination Fee for my loan?
Generally, yes. There are some loan programs where there is no fee or a reduced fee. Loan Fees are included in the loan amount that you request so you do not have to bring any funds to the closing. The only out-of-pocket fee charged by the UMLF is the $50 Application Fee that is due when you turn in your loan application.
Is the Utah Microenterprise Loan Fund a government agency or a bank?
Neither; the Utah Microenterprise Loan Fund is a private, not-for-profit community development finance institution that serves individuals who are unable to qualify for loans through traditional sources.
The UMLF is funded by many different banks and finance institutions that are committed to helping enterprising people work toward greater self-sufficiency through small business ownership. The UMLF also receives some funding from local city and county governments, and the Small Business Administration.